First Premier Bank Credit Card Review Summary
The First PREMIER® Bank Mastercard Credit Card is a bad deal, even for people with bad credit. Youll have to pay First Premier $25-$95 for processing right off the bat, and you then immediately face a first-year fee of $75 to $125, depending on your starting credit limit which reduces your initial spending power.
The low credit limit and high fees youre likely to confront with this card, wont do you much good when it comes to affording emergency expenses. Neither will the cards 36% regular APR one of the highest interest rate on the market, according to our latest . Whats more, if you keep your account open for longer than a year, you will have to pay $120 to $174 in fees each year, thanks to the combination of an annual fee and a monthly maintenance charge.
In other words, you can basically think of First Premier as your wallets worst fear.
Does First Premier Increase Credit
First Premier cardholders may be eligible for a credit limit increase once their credit card account has been open for 13 months. But, each time your account is approved for a credit limit increase, youll need to pay a fee of 25% of the amount of the credit limit increase.
Related reading: How to increase your credit limit
Should You Get This Card
You should not get this card.
To begin, youll be hard-pressed to find a card with an APR higher than the 36% ongoing APR charged by First Premier. If youre using this card to build credit, you should avoid carrying a balance regardless, but an interest rate that high means any late or missed payment can not only hinder your credit progress, but quickly lead to high-interest debt.
This cards biggest drawback, however, is its numerous fees. Not only is the fee schedule difficult to understand, but fees alone could cost you more than $200 just in the first year of ownership.
If you have that much cash on hand and youre looking to repair a poor credit score, youll be much better off putting $200 down as a deposit on a secured credit card with no fees and a lower APR. Consider a secured card like the Capital One Platinum Secured Credit Card or Citi Secured Mastercard, which both require deposits of $200 or less. Plus, your deposit is refundable when you close your account or upgrade to an unsecured card option unlike the fees youll pay with First Premier.
Also Check: What Is Zelle Chase
First Premier Bank Overview
First Premier Bank was first mentioned on PissedConsumer on Jan 24, 2008 and since then this brand received 217 reviews.
First Premier Bank ranks 102 of 797 in Banks category. The overall rating of the company is 1.7 and consumers are mostly dissatisfied.
Recent recommendations regarding this business are as follows: “I would still recommend this service”, “Dont report or card lost or stolen lol”, “DO NOT USE THIS COMPANY”, “Don’t this bank for anything and make sure that you have your credit card up to date just in case of pandemic happens which is unpredictable”, “Find a better rated company and watch out for interest charges.”.
First Premier Bank Credit Card Overview
The First Premier Bank Credit Card is designed for consumers with low credit scores who may not be approved for most other unsecured credit cards. You shouldnt plan to use this card long term. Instead, this is a card to use for a short time to build your credit before moving on to a more traditional credit card that offers rewards, lower fees, a higher credit limit and lower interest rates. Card rating*: ½
*Card Rating is based on the opinion of TPGs editors and is not influenced by the card issuer.
This page includes information about the Discover it Secured that is not currently available on The Points Guy and may be out of date.
If you have limited credit or are working to repair your credit, you may not have many appealing options when it comes to credit cards. Most rewards credit cards will want to see a higher credit score and stronger credit history before extending credit. So, if you have bad or poor credit, you may need to temporarily rely on a secured credit card or an unsecured credit card with high fees while you work to improve your credit score.
New to The Points Guy? Sign up for our TPG daily newsletter and check out our beginners guide.
You May Like: Ibc Zelle
Up To $17380 In Membership Fees Starting Year Two
The cards annual fee will drop to $45 in the second year if you have a credit line of $300 or $400 and to $49 if your limit is $500, $600, $700, or $1,000. But this is deceiving. If you get a $300, $400, or $500 credit limit, monthly fees also come into play, with the lower-credit-limit groups having to shell out $6.25 and the high-end crowd on the hook for $10.40. As a result, cumulative membership fees after the first year can total $120 or $173.80. And, if you get the larger credit limits, you would have to take into consideration that the monthly fees are not waived in the first year.
Can I Increase My Credit Limit
Yes, you may be given a credit limit increase after 13 months, but youll be required to pay 25% of the amount of the increase. This is extremely unusual: Most credit card issuers wont charge you for increasing your credit limit. There are more fees beyond that you should also be aware of.
You can reject the credit limit increase and have the fee reversed if you contact First PREMIER within 30 days of getting the billing statement that shows the increase.
Recommended Reading: Td Bank Overdraft Protection Limit
Is It Scam Or Legit
PlatinumOffer.com with confirmation number is a completely legit, reliable platform if you wish to apply for First PREMIER Platinum Mastercard.
The bank is known around the US for providing a variety of credit cards to millions of users.
Furthermore, First Premier card offers $0 fraud liability. This implies that any unauthorized charges would be taken care of by the bank and you will not be held accountable for it.
On top of that, the bank has a reliable online system that is secure and up-to-date. You can quickly get in touch with the bank if you want to report any error or clear a query.
What Should I Do If My Debit Card Is Lost Or Stolen
You can temporarily suspend and then reactivate or permanently deactivate your active First PREMIER Bank Debit Mastercard® within the Online Banking system or Mobile Banking app. Go to the Menu, choose “Services” and click on “Card Services.” You can also call our Customer Care Center 800-501-6535. To report your card lost or stolen after normal business hours, please call 888-297-3416.
Don’t Miss: Pnc Bank Canada Branch
Applying For First Premier Card At Wwwplatinumoffercom
So now you know a lot about the Platinum Offer and what it has in stock for you. The next main task is to figure out how you can apply for the card. There are two ways to do this.
You can respond to the mail offer or fill out credit card application without the offer. Below we will show you how to proceed in both cases.
First Premier Bank Platinum Card Review
- Okay with previous bankruptcy
Recommended Credit Score: Poor to Average Annual Fee: $0 $75Purchase APR: 36%
Platinum credit card is meant for customers with an average . However, there are a number of associated fees that you need to watch out for. First of all, the annual charges can vary between $0 to $75 depending on your credit worthiness.
Additionally, Platinum credit card does carry a variable . Unfortunately, this can be troublesome if you are habitual of making payments after due date has already passed.
You might be wondering why you should even consider this hefty credit card.
However, you need to keep in mind that such fees are common for credit cards that are open for those with poor credit.
They are charged as means of security by the bank to ensure the cardholder continues using the card with a responsible behavior.
- Now that we are discussing fees and expenses, lets take a thorough look at what you would have to deal with:
First of all, the actual annual fee and credit limit would depend on your creditworthiness.
Keep in mind that processing fee is $95 regardless of the limit that you are approved for. It is only reduced to $75 for customers who are eligible for the highest credit line i.e. $600.
The rest of the breakdown is as follows:
Note! The monthly charges are typically waived off for the first year. After that, you will be charged with $6.25 per month to $10.40 per month depending on your credit line.
Also Check: How To Activate Bank Of America Debit Card Without Ssn
Why Should You Choose Platinumoffercom
There are a number of features that make it a safe choice especially for those who wish to improve their credit score.
In fact, PlatinumOffer was primarily put forward for people who are struggling with credit score and wish to use an easy-approval card to change their game.
Platinum credit card regularly reports to major credit bureaus. Platinum Mastercard also revises your performance after 6 months to determine if you are eligible for a credit line increase.
Lastly, you will be eligible for $0 fraud liability in case the card gets stolen. This means that you will not be held accountable for any unauthorized purchases made in this period.
Can You Take Money Off A First Premier Credit Card
. Considering this, does First Premier credit card have cash advance?
Cash Advance Fee: In addition to the monthly calculation of the cash advance FINANCE CHARGE, there is an additional FINANCE CHARGE of the greater of $5.00 or 3% of the amount of cash advance for each cash advance obtained that month.
Furthermore, is First Premier Bank Mastercard legit? The Verdict: The First PREMIER®Bank Mastercard Credit Card is a bad deal, even for people with bad credit, and it’s immediately obvious. You’ll have to pay First Premier $25-$95 for processing right off the bat should you, for some reason, decide to apply and ultimately get approved.
Consequently, can I go over my credit card limit with First Premier Bank?
Also, we will charge a continuous overdraft fee of $5 per business day. There is no limit on the total fees we can charge you for overdrawing your account.
How can I get cash off my credit card?
The most common way to get money from a is to set up a cash advance PIN so you can use your card to withdraw money from an ATM. Most issuers will allow you to set up your cash advance PIN online, although you may have to contact your card’s customer service line in some cases.
Also Check: Do Banks Charge Overdraft Fees On Weekends
Why You Can Trust Bankrate
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here’s an explanation for how we make money. The content on this page is accurate as of the posting date however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page.
As Much As $896 In Starting Spending Power
People with bad credit resort to unsecured cards in order to pay for something they cant afford in cash. And that is where the First PREMIER® Bank Mastercard Credit Card provides a modicum of assistance. You just have to fit a very specific profile.More specifically, you must:
- Have $25 – $95 in cash
- Be willing to wait for a new credit card to arrive
- Need an emergency loan of $896 or less
- Be unable to obtain the funds at a lower cost
This assumes you will have to pay a $25 processing fee and a $79 first-year fee in return for a $1,000 credit line, which would give you a total of $896 in spending power that you do not currently have . If you obtain a $1,000 credit limit, the monthly fee is also not waived, as with the $300, $400, or $500 credit limits, and you would have to pay during the first year an $8 monthly fee, which will rise to $10.4 in the second year. The same monthly fees are applied if you get a $700 credit limit, and a $5.85 fee per month in the first year, with $8.25 in subsequent years, if you get a $600 limit. Such an amount will ultimately prove insufficient for many people. But others could also say that its better than nothing.
Don’t Miss: Request Money With Zelle Chase
Interest Rates And Interest Charges
If you pay your statement balance in full each month and dont use cash advances, you should be able to avoid interest charges. But its a good idea to at least know what the interest rates and interest charges are on your card.
The First Premier Bank Credit Card has one of the highest annual percentage rates for purchases as well as cash advances that Ive seen, at 36%. Luckily, your due date is at least 27 days after the close of each billing statement, and you wont be charged interest on purchases as long as you pay your entire balance by the due date each month.
Youll be charged interest on cash advances starting on the transaction date, though. So, if you use a cash advance , you should pay off your entire balance as soon as possible after doing so.
Who Is This Card For
The First Premier Bank Credit Card is for consumers who are working to build or repair their credit and cant be approved for most traditional credit cards. Due to the cards high fees and lack of rewards, you will only want to get this card if you cant be approved for a credit card with lower fees and arent willing to use a secured credit card.
If you opt to use the First Premier Bank Credit Card, you hopefully wont need to keep this card for more than 18 to 24 months. This is because if you use the card responsibly during this time, you should be able to improve your credit enough to be approved for other cards.
This card isnt available to residents of New York and Wisconsin. Additionally, this card isnt available to active-duty military personnel and their dependents who are covered borrowers under the Military Lending Act.
Related reading: Secured vs. unsecured credit cards: What you should know
Recommended Reading: Driving Directions To Regions Bank
Who Is This Card Best For
This card should really be a last resort for someone who has truly poor credit and can’t get a credit card anywhere else. It’s also an option if you have bad credit but don’t have the cash to come up with the deposit for a secured credit card.
On the other hand, there are several secured credit cards that don’t require a big up-front security deposit. In addition, you get your deposit back when you close your account, which is not the case with the “program fee” and other fees you’ll pay when opening the First Premier card.
However, if a secured card isn’t an option and you want a credit card for rebuilding your credit, you could use the First Premier card as a stepping stone to a more affordable card. If you go this route, however, it’s important to avoid carrying a balance and possibly racking up a lot of interest.
Applying Without Mail Offer
You can apply for the First Premier credit card right away without entering the confirmation number. The procedure is pretty much the same. Again, you need to open www.platinumoffer.com.
Find the option that says Apply Now without confirmation code and click on it.
This would open another window with a digital form. Fill the application with your first name, middle name, last name, contact address, contact number, and social security number.
After submission, you will immediately get a response from the bank that would further provide guidance on rest of the registration process.
Read Also: How To Connect Paypal To Bank Account
Platinumoffer First Premier Credit Card
You can apply for the credit card at www.platinumoffer.com with a fair to average credit score. Some customers have also been approved with a poor credit standing because their credit report was in good shape.
The credit limit offered to you depends on your creditworthiness. Consequently, the annual fee you pay would take into account the credit line you have. The breakdown is as follows:
- For a credit limit of $300, the annual fee is $75 in the first year and $45 afterward.
- For a credit limit of $400, the annual fee is $100 in the first year and $45 afterward.
- For a credit limit of $500, the annual fee is $125 in the first year and $49 afterward.
- For a credit limit of $600, the annual fee is $79 in the first year and $49 afterward.
Note! The annual fee is deducted from the credit limit so you will be left with lesser credit to spend at the start of the month.
The purchase APR is also quite high in case of First Premier credit cart. It charges as high as 36%. The only way to avoid this is to make the payments on time and in full. Otherwise you would find yourself under a great financial burden.
The card covers for fraud or other misfortunate events by providing $0 liability.